Australian Financial Services Group (AFS) practices have increased their revenues by 34 per cent over the past year, according to managing director Peter Daly.
In a professional development presentation to AFS advisers, Daly said despite the financial crisis, the majority of AFS group practices under its board of advice (BOA) program had “defied the downturn” and increased revenue income by an average of 34 per cent.
AFS introduced the BOA program in 2006 to help implement a program to achieve the practices’ business objectives. It has 42 practices under the program, with plans to increase the number to 60 in the next year, AFS said in a statement.
AFS was negotiating earlier this year to acquire two more practices after the rejection of two merger offers by AFS to Total Financial Solutions Australia.
Daly previously said profits were down by 50 per cent and 60 per cent in January and February this year respectively.
AFS has also appointed the managing director of Elixir Consulting, Sue Viskovic, to the BOA initiative.
Incorporating Elixir into the initiative will provide its practices with a blended program that will help them adopt a better model and structure for their client services, Daly said.
The augmented program will be rolled out to 20 BOA practices next month.
